Philippines economy contracts 11.5% yr/yr in Q3
- Country:
- Philippines
The Philippine economy shrank by more than expected in the third quarter, official data showed on Tuesday, as the country continued to suffer from the fallout of the COVID-19 pandemic despite easing coronavirus curbs. Gross domestic product shrank 11.5% in the third quarter from a year earlier, the statistics agency said, higher than the 9.8% contraction forecast in a Reuters poll.
The economy fell into recession for the first time in nearly 30 years in the second quarter with a revised contraction of 16.9%.
Also Read: Philippines recalls ambassador who allegedly mistreated maid
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Philippine